An accounting intern recently made the following
May 2 Cash $140,000
Common Stock $140,000
10,000 shares of common stock of $10 stated value at $14 per share.)
May 10 Cash $700,000
Preferred Stock $700,000
10,000 shares of $50 par value preferred stock for $70 per share.)
May 15 Common
1,000 shares of common stock for the treasury for $20 per share.)
May 31 Cash $12,500
on Sale of Stock $2,500
500 shares of treasury stock at $25 per share.)
Based upon the explanation, make the correct entry for each
of the above entries. No further explanation required.
Mary Me Not Corporation has $10 par value common
stock is actively traded at a market price of $20 per share. Mary issues 5,000 shares to purchase land
advertising for sale at $120,000.
Journalize the issuance of the stock in exchange for the land.
On August 15, Joe Rainey Corporation purchases
500 shares of par value common stock for the treasury at a cash price of $10
per share. On November 19, it sells 300
shares of the treasury stock for $15 per share.
Journalize the two transactions.
In and Out Retailers sell 2,000 shares of $200
par value preferred stock for $220 each.
Journalize the entry.